Ramelius agrees $300m Edna May gold hub sale

• Ramelius Resources (ASX:RMS) has signed a $300 million deal to sell the Edna May Gold Hub to Forrestania Resources (ASX:FRS)
• The consideration includes $200 million in upfront cash and $100 million in Forrestania shares, with completion targeted for the September 2026 quarter
• Ramelius Resources (ASX:RMS) says the sale supports portfolio optimisation while retaining exposure to Edna May through a substantial shareholding in Forrestania

Ramelius Resources (ASX:RMS) has entered a binding agreement to sell its Edna May Gold Hub, including the ~2.9Mtpa processing plant and regional satellite tenements, to Forrestania Resources (ASX:FRS) for total consideration of $300 million in cash and shares.

The deal follows Ramelius’ review of its portfolio and comes after Edna May moved to care and maintenance in April 2025, with the company stating that the transaction crystallises value from a non‑core asset and allows greater focus on its core operations such as Mt Magnet and Rebecca‑Roe.

“This is a logical transaction for Ramelius and Forrestania, providing an excellent outcome for all stakeholders,” said Ramelius Managing Director Mark Zeptner.

Under the Share and Asset Purchase Agreement, Ramelius will receive $200 million in upfront cash and $100 million in Forrestania shares, which will be escrowed for 18 months followed by a six‑month orderly sale period, and Forrestania may adjust the mix to up to $250 million cash and at least $50 million in shares depending on its equity raising.

Completion is subject to Forrestania securing at least $200 million in binding equity commitments, shareholder approval under ASX Listing Rule 7.1 and customary third‑party consents, with Ramelius indicating that settlement is expected in the September 2026 quarter and that a $20 million deposit is payable ahead of completion.

Following completion the Ramelius shareholding is expected to make it a substantial shareholder in Forrestania, giving Ramelius ongoing exposure to Edna May and any future value Forrestania may create through a processing plant restart and regional consolidation strategy.

Ramelius acquired Edna May from Evolution Mining in 2017 and produced 760,000 ounces of gold from open pit, underground and satellite sources between 2018 and 2025, and the company says the sale will support its broader capital allocation plans and transformation initiatives across Mt Magnet and Rebecca‑Roe.

Following the announcement the Ramelius Resources (ASX:RMS) share price was AUD 3.10.